What’s more, as Bloomberg Intelligence analyst George Ferguson points out, the main U.S. carriers have enough capital to get them into 2022 even if they didn’t receive another dime in federal relief. Ferguson estimates that Delta will get $3.3 billion from the relief package, which, he writes, “would boost the carrier’s staying power. The grants would add to our year-end expectation of $16.5 billion in liquidity.” (It’s worth noting that Delta did not lay off any employees, though it reduced its payroll through buyouts and voluntary unpaid leaves.)

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